Gold imports from Australia on a high

The import of gold from Australia has reached a new high with India importing $10 billion worth of gold. This has made gold the second most expensive item on India's import bill next to crude oil, said S Ramanathan, vice-president, Southern India Chamber of Commerce and Industry, in a press conference.

Gold occupied the top most position in India's import from Australia, pushing coal behind, which dominated the trade for several decades. Non-monetary gold contributed around A $ 2.87 billion or 43.9 per cent of total exports from Australia, he said.

Adding that Tamil Nadu is the third largest state economy in India with State Domestic Product worth $ 34 billion, Ramanathan remarked that the scope for expansion for trade between South Australia and southern India is immense.

Paul Holloway, minister for Industry and Trade, government of South Australia, said that there are at least 1.6 billion Indians residing in the South Australia.

"We aim at doubling the number of students studying in Adelaide and also aim to double the number of Indian tourists visiting South Australia besides seeing an increase in visa applications from India from the present 50 to almost 500," he said.

The Indian exports to Australia in 2004 increased to A $ 1.12 billion as against the corresponding figure of A $ 977.7 million in 2003. Also, Indian imports from Australia in 2004 was 62.7 per cent higher than the 2003 figure of A $ 3.33 billion.